BUSINESSMAN Jim Kennedy, who stands accused of numerous counts of corrupt payments to politicians, has agreed not to touch a €12.8m arbitration award granted to a company of which he is a director.

Mr Kennedy, who has been sent forward for trial on 16 charges relating to the attempted rezoning of land owned by Jackson Way Properties at Carrickmines in 1992 -- and the successful rezoning of part of these lands in 1997 -- agreed not to touch the award at the request of the Criminal Assets Bureau (CAB).

Mr Kennedy was arrested last month after he travelled to Ireland to defend an alleged corrupt enrichment action taken by the CAB.

Those proceedings are now postponed until next year.

Money

Yesterday Mr Kennedy undertook in the witness box in the High Court not to pay out, pending a further order of the court, the money which was awarded by an arbitrator to Jackson Way Properties Ltd (JWPL).

The award related to 20 acres of the original 108-acre JWPL site in Carrickmines and which were compulsorily purchased by Dun Laoghaire/Rathdown Co Council for the south-eastern motorway which has since been built.

Mr Justice Kevin Feeney was told that the undertaking is to stay in place, pending further court order, because JWPL is involved in separate proceedings with an adjoining landowner over a restrictive covenant on part of the Carrickmines lands.

Martin Hayden, counsel for JWPL, said that case is being dealt with by another court.